joining us now is paul, president of heritage capital, and, paul, great to have you on the program. i know you heard phil's report on how the commodities markets react, and, yesterday, it seemed like investors were nervous, then calm, and, perhaps today they are nervous because maybe it's not just an isolated incident. maybe there will be a ripple effect more than anticipated. is it time? can you put it in the rearview mirror? >> we heard from the -- the last couple years, whatever it takes, they save the euro. whatever it takes. they are not going to have to load a revolver to save cypress, if they even want to. i think cypress is a one often. there's a lot of air in the markets. up roughly 10% on the year in equity, so, of course, any possible reason to pull some profits off the table, people are going to do that. >> right, right, and i think you hit the nail on the head. any little reason at all. we had a run on the dow, and now three days of losses. could this just be like an excuse to run for the exits? where do you think we are in the equity market cycle? >> well, i don't thin